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<ul class="summary-list"><li>The death of a 26-year-old EY employee has triggered a conversation about India's work culture.</li><li>The employee's family says that she was overworked — and that it reflects a wider problem.</li></ul>Fourteen-hour work days, meetings during vacations, and no overtime.To some, this may sound like a job from hell. But for many employees in India, it's just another working day.India has one of the toughest work cultures in the world. In 2022, according to the most recently available data from the <a target="_blank" href="https://ilostat.ilo.org/topics/working-time/#">International Labour Organization</a>, the average employee in India worked 46.7 hours a week, compared to about 38 in the US.Not only are employees in India working long hours, but many are also doing it under intense pressure."The pressure is very, very high," Jennifer Hephzibah, a senior HR professional in India, told Business Insider. "If you don't deliver it at a particular time, you either lose your bonus, or you lose your job. It doesn't matter what you're going through otherwise."A Boston Consulting Group <a target="_blank" class="" href="https://www.google.com/url?q=https://www.bcg.com/publications/2024/india-hr-revolution-building-workplaces-for-the-future&amp;sa=D&amp;source=docs&amp;ust=1727195342438866&amp;usg=AOvVaw366N6_QMHZIy6fbfnMv__Y">survey</a> of 11,000 workers in eight countries in October 2023 found that 58% of Indian respondents reported feeling burned out — the highest share of any of the countries, including the US (50%), the UK (47%), and Japan (37%).<h2 id="56dd16d5-8f41-4ab5-aad1-efb517f1a780">'Glorifying overwork'</h2>This always-on culture has come under the spotlight recently following the death of an EY employee, Anna Sebastian Perayil, in July.Peryail's father, Sebastian Perayil, told<a target="_blank" href="https://www.thenewsminute.com/news/what-action-will-ey-take-anna-sebastians-father-speaks-to-tnm"> The News Minute</a> that he believed his daughter died of a combination of health issues, including work stress and acid reflux which triggered a lack of sleep. The official cause of Perayil's death, however, remains unclear."Anna was unable to sleep on most days and couldn't eat on time," he told the publication. "After a whole night of work, she would have to wake up at 7:30 the next morning and repeat the same cycle."According to<a target="_blank" href="https://www.thehindu.com/news/national/maharashtra/mother-pens-letter-following-death-of-26-year-old-daughter-due-to-work-stress-urges-ey-chairman-to-reflect-on-toxic-work-culture/article68656957.ece"> The Hindu</a>, Perayil's mother emailed Rajiv Memani, the chairman at EY India, in the wake of Perayil's death, saying her daughter had collapsed four months into the job after struggling with "the workload, new environment, and long hours."She also accused EY of "glorifying overwork."EY told BI it was "taking the family's correspondence with utmost seriousness and humility" and called Perayil's death an "irreparable loss."<h2 id="0e580f7b-a1b5-40de-bcd5-4c5e1cd9f1da">A 70-hour workweek</h2>Concerns about India's workplace culture are not new.Last year, the software billionaire and Infosys founder Narayana Murthy sparked controversy after saying that young people in India should be willing to work 70 hours a week to help the country progress."India's work productivity is one of the lowest in the world," he told<a target="_blank" href="https://www.youtube.com/watch?v=ES8ZNSTswrs"> The Record</a>, going on to say that unless India improved several factors including its work productivity, "we will not be able to compete with those countries that have made tremendous progress.""So, therefore," he continued, "my request is that our youngsters must say: "'This is my country. I'd like to work 70 hours a week.'"The comments appear to reflect wider expectations in India, even among employers with head offices elsewhere.Kavach Khanna, a former EY analyst in India, told BI that he believed he was expected to do more work than his US colleagues."We used to talk to colleagues in the US in the same roles, and their experience was completely different from ours," Khanna said. "They would get to go for client meetings, leave the office on time, no stretched workdays, and they weren't overburdened like we were."EY did not immediately respond to a request for comment.<h2 id="c34411b0-4cf7-4ac6-b8b5-d828d78369df">Cost centers and cheap labor</h2>Huge multinational companies, such as EY, Google, Microsoft, Salesforce, and Accenture, have set up cost centers in India.These centers, also called Global Capability Centers (GCCs), manage everything from cyber security to product development. They can also manage human resources and accounting.They are cheaper to run in India due to lower labor costs, and they help companies tap into a wide and hungry pool of tech-savvy, English-speaking talent.An <a target="_blank" class="" href="https://assets.ey.com/content/dam/ey-sites/ey-com/en_in/topics/consulting/gcc/2023/06/ey-future-of-gccs-in-india-a-vision-2030.pdf">EY report in 2023 </a>projected that India is set to host at least 2,400 such centers by 2030, with a market value of more than $100 billion.An associate at the Indian office of a multinational banking and advisory firm told BI that even at his Western company, he believed Indian employees were expected to work longer and harder.He said 16- to 18-hour workdays — including some weekends — were normal in his job."A lot of multinational corporations use India as a cost center because of the cheap labor," said the associate, who wanted to remain anonymous for fear of retaliation. "Offices in other countries have boundaries and then dump their extra work on us."Jeanie Chang, an executive coach who specializes in workplace mental health, said she had noticed such a trend, too. "It definitely exists that multinational companies tend to think, 'We love that the Indians work hard, so let's keep doing that.'"Chang also noted that some Asian communities place a cultural importance on work ethic that can lend itself to exploitation."There's a word in Japanese and Korean," Chang said, "that literally means 'overworking yourself to death.' That should say something."<h2 id="799c5726-4028-4993-85d3-1175f4f96f4d">Fear of replacement</h2>So what is stopping employees from demanding change?Part of it might come down to competition. In 2022, <a target="_blank" class="" href="http://www.indiaenvironmentportal.org.in/files/file/India%20Employment%20Report%202024.pdf">according to the India Employment Report 2024</a>, India's youth made up nearly 83% of the country's total unemployed population. With <a target="_blank" href="https://www.thehindu.com/business/budget/68432023-Economic-Survey-2023-24-Complete-document">India's workforce</a> thought to number well over 500 million, each job counts.Hephzibah, the senior HR professional, said that the sheer number of available workers has contributed to a feeling that employees are expendable, and has held them back from saying no to unreasonable demands for fear of losing their jobs.Perayil's mother's email, for instance, said her daughter "did not know how to say no.""She was trying to prove herself in a new environment, and in doing so, she pushed herself beyond her limits," the email said,Hephzibah said this was especially true for younger workers, who may not have enough experience to become critical within the company yet."In the bigger companies," she said, "if you don't deliver, that's it: You're replaced."<h2 id="76d9e66d-7e50-4929-bb3f-86da08d669dd">Cultural differences</h2>Chang told BI that she's had Indian employees point out their lack of resources compared to international peers in the same company."They tell me, 'Jeanie, we don't have effective mental-health resources, but we hear the US does,'" she said.In a<a target="_blank" href="https://www.gallup.com/workplace/349484/state-of-the-global-workplace.aspx"> Gallup State of the Global Workplace report</a> published in 2024, only 14% of the roughly 2,262 Indian employees surveyed said they were thriving at their workplace, compared with 34% of the 128,278 employees surveyed globally.Hephzibah, who has worked in both Indian-owned and multinational companies, told BI that multiple colleagues had left or requested transfers outside India in recent years — mainly because of the work culture.She also found cultural differences when conducting training sessions for employees in India and the US.When implementing the Indian training schedule for one company's American employees, Hephzibah faced pushback on issues like late session timings."They said, 'We're not going to work after 6 and they could clearly call it out without feeling bad," Hephzibah said. "The problem in India is that people get scared to speak up because their jobs might be impacted."<h2 id="c1e23a63-b3a5-4dfe-9fda-a228d77f5f16">The way forward</h2>In Hephzibah's opinion, overtime and vacation policies need to be strictly enforceable in India."Outside, we're very careful to communicate that we care because they have legal backing to sue," she said. "Over here, that entire system is missing."She agreed with Chang that effecting systemic change would also be up to the leaders and middle management, and not just down to a country's laws."What is the leadership believing in? Is leadership overworking?" Chang said. "Because if they are, they're going to overwork their employees."

The death of a young EY employee is raising questions over India's 'always-on' work culture

Thanks to the rapid growing economy, the growth of multinational consultancies has touched double digits in India, to maximize which, they have returned to their old ways of poaching senior executives, partners and their teams from rivals by offering stronger paychecks and other perks. 
 
Talking of the recent past, at least 20 partners from such consultancies, along with their teams of about 150 professionals, have either joined rival companies or are about to, all in a matter of three months. 
 
Although the big four, viz. EY, PwC, Deloitte and KPMG, are leading this poaching round, several other firms like BDO, Grant Thornton and Baker Tilly too are signing joining letters from new partners and accepting resignations from the existing ones. 
 
As per ET sources, a partner with KPMG is set to join PwC, to head indirect tax there. "Everyone who is in the indirect tax practice in KPMG has got an offer to join competition. Though, not all team members would choose to jump the boat. Some of them may settle with a renegotiation of their salary and role in their current organisation," said the source. 
 
There are cases when one person (and his team) is being offered posts from two or three firms, who are fighting over one team. 
 
The reason, they say, is the lack of trained people in the industry, because of which they have to rely on poaching. However, to stop their partners from leaving, these companies are also looking at restructuring the contracts so that leaving can be made tougher. 
 
<a href="https://www.biggerpockets.com/renewsblog/wp-content/uploads/2015/08/fire-employee-702x336.jpg">Image source</a>

Old habits die hard! Multinational consultancies poaching senior employees from rivals

<a href="https://www.businessinsider.com/how-ai-boost-income-side-hustles-multiple-jobs-eighty-billion-2023-9"></a><ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hey there! Winning the lottery can come with headaches. Just ask Randy Rush, whose $37 million payday <a href="https://www.insider.com/i-won-37-million-lottery-got-scammed-by-best-friend-2023-9" target="_blank" rel="noopener">wrecked relationships</a> with his mother and best friend. In today's big story, we're looking at how generative AI is making it <a href="https://www.businessinsider.com/how-ai-boost-income-side-hustles-multiple-jobs-eighty-billion-2023-9" target="_blank" rel="noopener">easier for people to hold multiple jobs</a>, and it's a trend everyone seems on board with.What's on deck: <ul><li>Markets: The Fed <a href="https://www.businessinsider.com/did-fed-pause-raise-interest-rate-hikes-september-inflation-recession-2023-9" target="_blank" rel="noopener">takes a breather</a> on rate hikes.</li><li>Tech: Another IPO means <a href="https://www.businessinsider.com/klaviyo-ipo-stock-shares-who-got-rich-2023-9" target="_blank" rel="noopener">another payday</a> for cofounders and VCs.</li><li>Business: Why Asia is winning the battle to get <a href="https://www.businessinsider.com/rto-has-won-in-asia-workers-returning-to-office-2023-9" target="_blank" rel="noopener">workers back in the office</a>.</li></ul>But first, I'm working on a couple of things.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3>The big story</h3><h2>Hustle harder (with AI)</h2><a href="https://www.businessinsider.com/subscription/newsletter/insider-today"></a><a href="https://www.businessinsider.com/how-ai-boost-income-side-hustles-multiple-jobs-eighty-billion-2023-9"></a><div type="image" title="robot hands doing work on a computer" height="960" width="1280" msid="103843276" hostid="261" sizebytes="63742"></div>The rise of AI could mean giving you more jobs instead of taking yours away.A new study from Morgan Stanely makes the case that generative AI will enable <a href="https://www.businessinsider.com/how-ai-boost-income-side-hustles-multiple-jobs-eighty-billion-2023-9">people to work multiple jobs</a>, writes Insider's Alistair Barr. In the US alone, multi-earning has increased 11% over the past year, largely thanks to the rise of generative AI tools like ChatGPT.All that extra work will lead to some big money. In a best-case scenario, multi-earning income globally could reach $1.4 trillion by 2030, with more than 20% coming from generative AI, according to the bank.Affiliate marketing, content creation, graphic and web design, and programming were among the jobs identified by Morgan Stanley that could see a boost from generative AI. It's a trend at least one cohort is already embracing: Generation Z. New research from EY found that nearly 40% of Gen Zers had a <a href="https://www.businessinsider.com/gen-z-side-hustles-full-time-job-financial-security-ey-2023-9">side hustle to earn extra money</a>. Adding fuel to the fire is the fact bosses don't seem to care if their employees are working multiple jobs, albeit with one caveat. The vast majority of executives (82%) had no issue with employees using AI to work multiple jobs <a href="https://www.businessinsider.com/workers-with-ai-chatgpt-skills-can-have-two-jobs-executives-2023-9">as long as they got their work done</a>, according to a survey from education platform edX.The rise of multi-earning due to AI could lead to fascinating developments in the labor market. To be sure, executives' acceptance of employees working multiple jobs might be short-lived. From conflict of interest concerns to wanting workers' full attention, some bosses might eventually put the kibosh on multi-earning. But that doesn't mean the trend will die. Some Gen Zers might take things further and just embrace being a full-time freelancer. Gen Z already doesn't <a href="https://www.businessinsider.com/gen-z-trust-issues-government-business-college-other-people-institutions-2022-8">tend to trust big businesses</a>, often opting for small companies or starting their own ventures. And while plenty of Gen Zers <a href="https://www.businessinsider.com/gen-z-wants-to-go-in-office-bosses-dont-2023-7">want to be in the office</a>, many of their <a href="https://www.businessinsider.com/fight-return-to-office-mandates-remote-work-amazon-apple-2023-3">older colleagues don't</a>, another potential deterrent to pursuing a traditional career.Add in the fact Gen Z has a knack for <a href="https://www.businessinsider.com/how-gen-z-is-changing-work-most-pro-labor-generation-2022-11">upsetting the status quo</a>, and it's not hard to see them leverage AI tools to become their own boss. That shift might be a welcome change for big companies. Some managers have already voiced their <a href="https://www.businessinsider.com/managers-speak-out-about-experiences-with-gen-z-employees-2023-8">displeasure overseeing Gen Zers</a>. And fewer full-time employees means a lower fixed cost for companies.Instead, companies can opt to contract out work they need on an ad-hoc basis. Consider this the latest iteration of the software-as-a-service trend: working as a service.<h2>3 things in markets</h2>Before the opening bell: US <a style="text-decoration: underline;" href="https://markets.businessinsider.com/premarket">stock futures</a> fell Thursday after the Fed signaled <a style="text-decoration: underline;" href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-trade-federal-reserve-fomc-rate-hike-2023-9">rates could be higher for longer</a>.<a href="https://www.businessinsider.com/did-fed-pause-raise-interest-rate-hikes-september-inflation-recession-2023-9"></a><div type="image" title="Federal Reserve Board Chairman Jerome Powell speaks during a news conference" height="1440" width="1920" msid="103843278" hostid="261" sizebytes="116106"></div><ol><li>A break in the war on inflation. The Fed announced a <a href="https://www.businessinsider.com/did-fed-pause-raise-interest-rate-hikes-september-inflation-recession-2023-9">pause on interest-rate hikes</a> on Wednesday. But we're not out of the woods yet. Most Fed members who vote on rate decisions predicted one more hike this year.</li><li>NFT = Not funding those. It's been a hard crash for non-fungible tokens after they exploded on the investing scene in 2021. Nowadays, <a href="https://markets.businessinsider.com/news/currencies/nft-market-crypto-digital-assets-investors-messari-mainnet-currency-tokens-2023-9">95% of NFTs are effectively worthless</a>, according to a report by dappGambl. </li><li>The best quotes from the CEO of one of the most successful hedge funds in history. Renaissance Technologies CEO Peter Brown talked about everything from sleeping in the office to his hiring approach. Here are <a href="https://markets.businessinsider.com/news/stocks/renaissance-technologies-quant-fund-peter-brown-investing-hiring-ibm-sleep-2023-9">11 of his best quotes</a> from a recent interview.</li></ol><h2>3 things in tech</h2><a href="https://www.businessinsider.com/tesla-model-s-vs-bugatti-chiron-pur-sport-drag-race-2023-9"></a><div type="image" title="Bugatti on the left, Tesla on the right" height="960" width="1920" msid="103843280" hostid="261" sizebytes="105210"></div><ol><li>Video shows a Tesla Model S drag racing a $4 million Bugatti. The results were surprisingly close (both cars took 9.6 seconds to travel a quarter of a mile). It highlights how <a href="https://www.businessinsider.com/tesla-model-s-vs-bugatti-chiron-pur-sport-drag-race-2023-9">EV motors provide the neck-snapping quickness</a> previously reserved for the likes of Porches, Ferraris, and Lamborghinis.</li><li>Meet the Instacart mafia: 14 company alums who founded their own startups. They've collectively raked in at least <a href="https://www.businessinsider.com/the-instacart-mafia-14-former-employees-now-startup-founders-2023-9">$144 million from VCs</a>. And they're building companies across industries: insurtech, co-living, AI, and more.</li><li>The beneficiaries from Klaviyo's IPO. The marketing automation platform's CEO has a stake worth billions after the company went public. Others — including its chief product officer — also <a href="https://www.businessinsider.com/klaviyo-ipo-stock-shares-who-got-rich-2023-9">have valuable stakes in the company</a>.</li></ol><h2>3 things in business</h2><a href="https://www.businessinsider.com/fitness-tracker-step-counter-calorie-tracker-health-data-downside-2023-9"></a><div type="image" title="digital illustration of someone stressed out, surrounded by fitness lingo and images" height="949" width="1899" msid="103843281" hostid="261" sizebytes="152272"></div><ol><li>The distressing downside of fitness trackers. They certainly motivate some people to move around more. But for others, it's far from a silver-bullet solution for healthy living. Instead, the culture of self-optimization can <a href="https://www.businessinsider.com/fitness-tracker-step-counter-calorie-tracker-health-data-downside-2023-9">stand in the way of some people's well-being</a>.</li><li>US developers want to transform a Scottish village into a playground for billionaires. Thousands of locals are protesting the development. It would convert the previously abandoned Taymouth Castle into a <a href="https://www.insider.com/scottish-villagers-protest-against-private-community-for-billionaires-2023-9" target="_blank" rel="noopener">private clubhouse with a golf course</a>.</li><li>Nobody has figured out return to office — but Asia and Europe are winning the battle. Office occupancy in the Americas <a href="https://www.businessinsider.com/rto-has-won-in-asia-workers-returning-to-office-2023-9">sits at just 49%</a>. Meanwhile, Asia-Pacific's occupancy is 79%, and Europe's is 75%. Why? This disparity could be due to cultural differences, transportation, and government policies.</li></ol><h2>In other news</h2><a href="https://www.businessinsider.com/cassidy-hutchinson-alleges-rudy-giuliani-groped-her-january-6-memoir-2023-9"></a><div type="image" title="Rudy Giuliani and Cassidy Hutchinson" height="1499" width="3000" msid="103843282" hostid="261" sizebytes="192944"></div><ul><li>Former Trump aide claims Rudy Giuliani <a href="https://www.businessinsider.com/cassidy-hutchinson-alleges-rudy-giuliani-groped-her-january-6-memoir-2023-9">groped her</a> on the day of the January 6 riot.</li><li>Salesforce is reportedly <a href="https://www.businessinsider.com/salesforce-boomerang-executives-rejoin-company-layoffs-2023-9">trying to get former execs to return</a>, gifting them stuffed animals wearing boomerang shirts.</li><li>A 96-year-old judge has been suspended after a <a href="https://www.businessinsider.com/pauline-newman-judge-suspended-refusing-cooperate-health-probe-2023-9">bitter fight</a> that rocked a key federal court.</li><li>More and more doctors want to get <a href="https://www.businessinsider.com/more-doctors-get-certified-treat-obesity-ozempic-wegovy-2023-9">certified to treat obesity</a>.</li><li>Here's how famously frugal billionaire Warren Buffett <a href="https://www.businessinsider.com/how-warren-buffett-spends-money-net-worth">spends his money</a>.</li><li>The <a href="https://www.businessinsider.com/dining-etiquette-classes-teacher-common-manner-mistakes-2023-9">common mistakes</a> a dining etiquette expert sees among Americans.</li><li>A lawsuit claims Sam Bankman-Fried's father was upset with his <a href="https://www.businessinsider.com/sam-bankman-frieds-ftx-1-million-pay-dad-mom-2023-9">$200,000 salary at FTX</a>.</li><li>The <a href="https://www.businessinsider.com/starbucks-dome-cup-lids-are-infuriating-baristas-and-embarrassing-customers-2023-9">dome-lid woes</a> of Starbucks customers and baristas.</li><li>Insiders reveal why Microsoft's chief product officer <a href="https://www.businessinsider.com/why-microsoft-windows-surface-panos-panay-left-for-amazon-2023-9">left for Amazon</a>.</li><li>The key reasons Instacart's IPO <a href="https://www.businessinsider.com/understanding-instacarts-ipo-flop-grocery-business-hard-2023-9">flopped</a>.</li></ul><h2>What's happening today</h2><ul><li>President Joe Biden is hosting Ukrainian President Volodymyr Zelenskyy at the White House today.</li><li>The final season of "Sex Education" comes out on Netflix. </li><li>Happy International Peace Day. The United Nations General Assembly designated this day to promote non-violence.</li><li>Earnings today: Darden Restaurants (Olive Garden and LongHorn Steakhouse operator) <a href="https://markets.businessinsider.com/earnings-calendar" target="_blank" rel="noopener">and other companies</a>.</li></ul><h2>For your bookmarks</h2><h2>NFL nutrition</h2><a href="https://www.insider.com/nutrition-for-weight-loss-principles-eat-fiber-protein-2023-9"></a><div type="image" title="Mike Minnie helping someone" height="690" width="920" msid="103843284" hostid="261" sizebytes="26428"></div>An NFL nutritionist revealed three simple principles to get in shape and stay healthy for life. This includes nailing your fiber intake and <a href="https://www.insider.com/nutrition-for-weight-loss-principles-eat-fiber-protein-2023-9">understanding energy balance</a>.The Insider Today team: <a href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, senior editor and anchor, in New York City. <a href="https://www.businessinsider.com/author/diamond-naga-siu">Diamond Naga Siu</a>, senior reporter, in San Diego. <a href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York City.

Insider Today: Side hustles' turning point

Way back in 1993, the Financial Times ran a column bemoaning the grandiose job titles that were popping up in the US and the UK. "Monetary inflation may be under control in Britain, but the same cannot be said for job titles," wrote Adrian Furnham, a professor at University College London. "Nearly all Americans over the age of 23 seem to have the title 'executive vice-president' embossed on their business cards."But here's the thing about inflation: It never ends. According to a new analysis of 2.4 million job postings by Datapeople, a provider of recruiting analytics, American job titles are even more grandiose today than they were back when Furnham was grousing about the state of corporate taxonomies. Since 2019, employers have tripled their use of the word "lead" in early-career tech jobs, upped their use of "principal" by 57%, and cut their use of the word "junior" by half. "It was shocking to me how dramatic it's been," says Maryam Jahanshahi, the head of R&amp;D at Datapeople. "It's rampant in lots of different types of jobs." So what's driving companies to hand out ever-fancier titles? There are four factors fueling the rampant title inflation:<ol><li> Screwing employees out of overtime wages. Federal law requires employers to pay workers for their overtime hours — unless they're classified as salaried managers. So companies are exploiting the loophole by giving important-sounding titles to low-wage workers. In a study published in January, researchers at Harvard and the University of Texas at Dallas <a href="https://www.businessinsider.com/companies-may-give-fake-manager-titles-avoid-overtime-pay-2023-1">found</a> that some front-desk assistants are now "directors of first impressions," while carpet cleaners have been transformed into "shampoo managers." The savings add up: The study estimates that employers are using job titles to cheat employees out of $4 billion a year in overtime pay.</li><li>Recruiting and retaining professionals. In higher-paid jobs, employers are using title inflation to try to attract a higher caliber of candidates and keep employees from jumping ship. Compared with enticements like higher pay and better benefits, tacking an extra "senior" onto somebody's job title is free. The practice has become especially common during the Great Resignation, which has made it tough for companies to hang on to employees. "Because the market is so tight," says Michelle Reisdorf, a district director at the staffing firm Robert Half, "a lot of hiring managers are definitely being creative in every method they can to attract top talent."</li><li> Making junior and midlevel staff seem more important to external clients. That's why investment banks hand out the title of vice president to virtually everyone — to lend an air of authority to green-behind-the-ear bankers whose clients are typically much older. Goldman Sachs <a href="https://www.wsj.com/articles/SB10001424052702304692804577281252012689294" target="_blank" rel="noopener">once disclosed</a> that it employs nearly 12,000 vice presidents — a third of its entire workforce. Last year, the accounting firm EY <a href="https://www.ft.com/content/27af43aa-121c-4dae-a086-ea9f7d5a2b31" target="_blank" rel="noopener">gave its associate partners</a> in the UK the title of "partner," hoping it would help them win more business. (The new title didn't come with a raise or a share in the firm's profits.) I've even heard of some companies that keep a database of two titles for each employee: a normal one for internal purposes and an inflated one that sales reps — sorry, business-development managers — use in their calls to clients. A <a href="https://www.sciencedirect.com/science/article/abs/pii/S0148296322002569" target="_blank" rel="noopener">recent marketing study</a> found the tactic works — even when it's deployed by artificial intelligence. When a chatbot introduced itself as a "customer-service manager" rather than a "customer-service representative," people rated it as more likable, trustworthy, and knowledgeable.</li><li> Satisfying the expectations of Gen Z. Over the years, as titles have grown more bloated, younger employees have come to expect fancy titles far earlier than previous generations did. They also expect to get promoted more frequently, which inflates titles even faster. When JobSage, an employer-review site, surveyed workers last year, 58% of Gen Z respondents said they <a href="https://www.jobsage.com/blog/job-titles-survey/" target="_blank" rel="noopener">expect to be promoted</a> every 18 months, compared with 20% of baby boomers and 27% of Gen Xers. Gen Z workers also estimated that it takes a mere three to six years to become a vice president. Boomers, by contrast, said becoming a VP requires a decade or more of experience.</li></ol>The title inflation has gotten so bad that companies are running out of lofty new words to bestow on their employees. Some are mashing together a bunch of old words, resulting in monstrosities like "senior executive vice president" — not to be confused with senior vice presidents and executive vice presidents. Others are trying to confer new authority to words that aren't senior-sounding at all. At big tech companies, for example, staff engineers typically <a href="https://www.levels.fyi/t/software-engineer?compare=Standard&amp;countryId=254" target="_blank" rel="noopener">sit above </a>senior engineers, and the highest-ranking engineers are called fellows — the title many companies use for interns.But the biggest problem with title inflation isn't confusion — it's that puffed-up titles don't actually attract better talent. In one analysis, Datapeople found that attaching the word "senior" to positions that are actually junior financial analysts results in 39% <a href="https://datapeople.io/article/avoid-job-title-inflation-in-a-tight-labor-market/" target="_blank" rel="noopener">fewer qualified applicants</a>. That's because junior-level candidates see the fancy title and think they're unqualified for the position, while senior-level applicants read the job description and realize they're overqualified. "It makes for a very inefficient recruiting process," Jahanshahi says. "People feel bait-and-switched." Even worse, the deception leads to a 27% plunge in the number of female candidates, making it harder for companies to diversify their workforces.There are dangers for employees as well. Instead of making you look impressive, having a bunch of grandiose titles on your résumé can actually lead to missed opportunities. "Sometimes these elevated titles might take you out of the running for a job," says Reisdorf, the Robert Half executive. "Someone looks at your big fancy title and says, 'Well, you're overqualified,' or 'This job won't satisfy you.'" Still, despite the downsides of title inflation, I think there are some redeeming qualities to the state of things today. I used to admire the egalitarian ethos at Bloomberg, where most of my fellow reporters and I were called reporters, regardless of our level of experience. But since joining Insider, I've come to appreciate the way its more transparent hierarchy, with six titles ranging from junior reporter to chief correspondent, offers writers a clearer and more equitable path for career advancement and pay bumps.There are even advantages to the kind of creative titles we've come to ridicule. In one study, the renowned organizational psychologist Adam Grant found that giving employees the chance to craft their own titles led to <a href="https://justinmberg.com/wp-content/uploads/Grant-Berg-Cable_2014.pdf" target="_blank" rel="noopener">less burnout</a>. The titles adopted by employees at one organization seemed particularly absurd — "minister of dollars and sense" (COO), "goddess of greetings" (administrative assistant), and "magic messenger" (PR manager) — until you realized that they worked for the nonprofit Make-A-Wish Foundation, which fulfills the dreams of dying children. If including a whimsical title in their email signatures helps these employees cope with an emotionally challenging job, who are we to laugh?It goes to show how our job titles aren't just a summary of our day-to-day responsibilities or an indicator of our place in the org chart. They also shape our identities as human beings. It means something to us for the world to call us by a name that reflects how we see ourselves. But the goddess-of-greetings study contained one other important detail: The employees who gave themselves wacky job titles also kept their normal boring ones. It's one thing to call someone a magic messenger at work. It's another thing to post it as a job on ZipRecruiter."If you want to call someone a chief happiness officer internally, by all means," Jahanshahi says. "But externally to the world, you've got to use industry-specific titles that match the seniority of the role. Otherwise no one's going to find that job — unless someone on Twitter decides to make it a meme."<a href="https://www.businessinsider.com/author/aki-ito">Aki Ito</a> is a senior correspondent at Insider. Juliana Kaplan contributed reporting.

How Gen Z and the Great Resignation created a wave of overinflated job titles

<ul class="summary-list"><li>Fox News host Steve Hilton argued on Sunday that the economic impacts of the social distancing measures being enforced across the US will do more harm to Americans than the coronavirus itself. </li><li>Just a couple of hours later, President Donald Trump echoed Hilton's argument, tweeting in all caps, "WE CANNOT LET THE CURE BE WORSE THAN THE PROBLEM ITSELF." </li><li>Trump added that he would reevaluate "which way we want to go" on the pandemic response over the next week, suggesting he might scale back the social distancing measures the federal government has recommended. </li><li>Fox News has remained in lockstep with Trump, who spent weeks minimizing the growing epidemic until he finally declared a national emergency on March 13. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Several Fox News hosts are making an unsubstantiated case on air that the economic fallout from the coronavirus response will be worse than the helath impacts of the pandemic. During his 9 pm Sunday show, Fox host Steve Hilton, a Trump supporter and self-described "positive populist," argued that the economic impacts of the social distancing measures being enforced across the US will do more harm to Americans than the coronavirus itself. He even described Dr. Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases who is helping lead the government's coronavirus response effort, as part of the country's "ruling class and their TV mouthpieces" and said the nation's top infectious disease specialist is overreacting to the pandemic. "Our ruling class and their TV mouthpieces whipping up fear over this virus - they can afford an indefinite shutdown. Working Americans can't, they'll be crushed by it," Hilton said. "You know that famous phrase, 'the cure is worse than the disease?' That is exactly the territory we're hurtling towards." He added, "You think it's just the coronavirus that will kill people? This total economic shutdown will kill people." Just a couple of hours later, President Donald Trump echoed Hilton's argument, <a href="https://twitter.com/realDonaldTrump/status/1241935285916782593">tweeting</a> in all caps, "WE CANNOT LET THE CURE BE WORSE THAN THE PROBLEM ITSELF. AT THE END OF THE 15 DAY PERIOD, WE WILL MAKE A DECISION AS TO WHICH WAY WE WANT TO GO!" On Monday, White House economic adviser Larry Kudlow went on Fox News to reiterate the president's new argument."The president is right. The cure can't be worse than the disease," he said. "And we're going to have to make some difficult tradeoffs."On Monday morning, the hosts of Fox's morning show, "Fox and Friends," suggested that the US already has the pandemic under control, despite overwhelming evidence that the country hasn't tested nearly enough people and is running out of essential medical equipment and hospital space for those infected."Our numbers are down compared to other countries that are really having a major problem with this," co-host Ainsley Earhardt said. "Think about how many lives have been saved." Another "Fox and Friends" co-host, Steve Doocy, suggested that the president might keep the hardest-hit states, including New York, Washington, and California, on lockdown while letting Americans in other states "get back to work" at the end of the week.For several weeks following the first confirmed case of the virus in the US, a slew of Fox New' most-watched hosts <a href="https://www.businessinsider.com/fox-news-is-downplaying-the-coronavirus-to-more-vulnerable-audience-2020-2">aggressively downplayed the threat</a> posed by the coronavirus and ignored scientists and doctors sounding the alarm. Instead, they argued that Democrats and the media were playing up the crisis to hurt the president and his party. In stark contrast to their on-air talent's claims, the conservative network's leadership took quick action to limit business travel and protect their employees as the virus spread. And notably, Fox News' viewers are more vulnerable to the spread of the coronavirus than the average American, as they skew older. The virus is <a href="https://www.businessinsider.com/coronavirus-death-age-older-people-higher-risk-2020-2">significantly more deadly for those over 50 years old</a>, and even more so for even older people. The media age of Fox News' audience <a href="https://www.cheatsheet.com/entertainment/how-old-is-the-average-fox-news-viewer-in-america.html/">was 65 in 2018.</a>Fox has remained in lockstep with Trump, who also spent weeks minimizing the growing epidemic until he finally declared a national emergency on March 13 as states ramped up their responses. Ashish Jha, the director of Harvard's Global Public Health Institute who has appeared on Fox News, recently <a href="https://www.nytimes.com/2020/03/22/business/coronavirus-fox-news-lachlan-murdoch.html?action=click&amp;module=Top%20Stories&amp;pgtype=Homepage">told The New York Times' media columnist Ben Smith</a> that he thinks people will die because of the channel's coverage of the pandemic. "Some commentators in the right-wing media spread a very specific type of misinformation that I think has been very harmful," Jha said. Casting science aside in favor of policies that prioritize the economy isn't new for Fox. The network's most-watched hosts and shows have long undermined well-established climate science and policies that would mitigate climate change by reducing the country's carbon emissions.

Trump's favorite Fox News hosts are pushing him to prioritize the economy over social distancing amid the coronavirus pandemic

<div class="KonaFilter image-container display-table"><div><div class="image on-image">ReutersIqbal Khan, the former boss of Credit Suisse's wealth management division.</div></div></div><ul><li>The secretive world of Swiss banking has been rocked by a wild scandal involving spies, a suicide, and a clash at a cocktail party.</li><li>Credit Suisse hired private investigators to spy on Iqbal Khan, its former head of wealth management, after he feuded with CEO Tidjane Thiam and left for local archrival UBS earlier this year.</li><li>The fiasco has culminated with the resignation of both the Swiss bank's operating chief and head of global security, and the death of the contractor who hired the spies to follow Khan.</li><li>Here's a timeline of what happened.</li><li>Watch <a href="https://markets.businessinsider.com/stocks/credit_suisse-stock">Credit Suisse</a> and <a href="https://markets.businessinsider.com/stocks/ubs-stock">UBS</a> trade live.</li></ul>The secretive world of Swiss banking has been rocked by a public scandal involving spies, a suicide, and a clash at a cocktail party.<a href="https://markets.businessinsider.com/stocks/credit_suisse-stock">Credit Suisse</a> hired private investigators to spy on Iqbal Khan, the head of its wealth management division, after he feuded with CEO Tidjane Thiam and left for local archrival <a href="https://markets.businessinsider.com/stocks/ubs-stock">UBS</a> earlier this year.The fiasco has culminated with the <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-coo-resigns-over-spying-of-iqbal-khan-2019-10-1028565903">resignation</a> of both the Swiss bank's operating chief and head of global security, and the death of the contractor who hired the spies to follow Khan.<h2>Here's a timeline of what happened:</h2>Background: Tidjane Thiam was appointed CEO of Credit Suisse in March 2015 after running UK insurer Prudential for six years. The French-Ivorian, a former McKinsey consultant, launched a three-year turnaround program that resulted in the Swiss bank posting its first annual profit in four years in 2018.Iqbal Khan, who was born in Pakistan and moved to Switzerland at the age of 12, spent 12 years as an auditor at EY. He joined Credit Suisse's wealth management division in 2013 and rose to CEO two years later. He oversaw an 80% increase in divisional profit and helped bring in upwards of $46 billion in net new assets between 2016 and 2018, <a href="https://www.ft.com/content/bbe24f04-dfa2-11e9-9743-db5a370481bc">according to the Financial Times</a>.January 2019: Thiam hosts a cocktail party at his home in the tony Herrliberg area on the "gold coast" of Lake Zurich, according to the Financial Times. Khan and his wife - who bought the house next door, bulldozed it, then redeveloped it over the course of nearly two years - are among the guests. Thiam complained to Credit Suisse Chairman Urs Rohner about the disruptive construction work, the Financial Times reported.After Khan and Thiam's partner squabble over some trees planted on the CEO's property, Khan and Thiam have an argument away from the other guests. Khan's wife has to separate them, Swiss newspaper Tages-Anzeiger reported.Spring and summer: Khan complains to Rohner and Credit Suisse's board about the incident, widening the rift between the two and creating an unpleasant working environment, the Financial Times reported.Khan is allowed to quit with a shortened gardening leave period of three months. During meetings with UBS, Julius Baer, Goldman Sachs, and other prospective employers, he expresses a desire to recruit former Credit Suisse colleagues across structured trading, lending, relationship management and other functions, the Financial Times reported.July 1: Credit Suisse announces Khan is leaving the company. He makes the move after growing frustrated with his profile within the bank, number of public appearances, and a lack of assurances from Thiam and other executives about his potential to rise further up the ranks, according to the Financial Times."He's in a rush, wants a huge job and had become a bit frustrated because there's no room at the top here - Tidjane isn't going anywhere and he wasn't comfortable in his seat," a person familiar with the developments told the newspaper.August 29: UBS <a href="https://www.businessinsider.com/ubs-appoints-iqbal-khan-wealth-management-co-head-2019-8?r=US&amp;IR=T">announces</a> Khan will become its co-president of global wealth management on October 1. Pierre-Olivier Bouee, Credit Suisse's operating chief, orders the bank's security chief to begin observing Khan out of concern he may be planning to poach clients and former coworkers. Bouee's worries are elevated by the fact that Khan continues to socialize with key Credit Suisse employees.Credit Suisse hires Investigo, a security firm, to keep tabs on Khan. Investigo assigns private detectives to trail Khan and identify everyone he meets.September 17: During a shopping trip, Khan spots and confronts one of his tails in downtown Zurich. He exits his car and photographs the license plate of the private investigator's vehicle. The investigator confronts him, asks him to stop, and tells Khan to hand over his phone. Khan shouts for police help, and the investigator departs.Khan files a complaint with Zurich's public prosecutor, saying three men chased him and his wife through the streets of Zurich by car and on foot. He says things turned physical behind the Swiss National Bank, when the men tried to take his mobile phone as he was photographing them and their car.However, the detective provides a sworn statement to Credit Suisse and authorities that he was alone that day, and Khan chased him, the Financial Times reported. The bank instructed the investigator to follow Khan only on weekdays from a suitable distance and take note of the people he meets, without breaking any criminal or traffic laws, according to a document seen by the newspaper.September 18: Credit Suisse halts its observation of Khan.September 23: Credit Suisse's board says it has appointed external consultants and lawyers to inquire whether executives signed off on the decision to hire private investigators and if the move was justified.Zurich's public prosecutor's office confirms it has opened a criminal case for coercion and threat, and city police have made three arrests, <a href="https://www.ft.com/content/2c48ed78-dee2-11e9-9743-db5a370481bc?desktop=true&amp;segmentId=7c8f09b9-9b61-4fbb-9430-9208a9e233c8#myft:notification:daily-email:content">the Financial Times reports</a>.September 24: An unnamed contractor who hired Investigo to trail Khan on behalf of Credit Suisse dies by suicide. A lawyer for Investigo later confirms the death to the Financial Times.September 26: Pressure mounts on Credit Suisse to address the scandal."It's something of extreme gravity; in Zurich it is becoming a time bomb and you can feel the panic," a major investor in the bank <a href="https://www.ft.com/content/bbe24f04-dfa2-11e9-9743-db5a370481bc">told the Financial Times</a>. "Both sides have been damaged, but especially Credit Suisse." "We have said to the chairman and board they have to provide a clear outcome and explanation; whoever did wrong has to pay," the investor added.September 30: Inside Paradeplatz, a Swiss financial blog, reports the contractor's death by suicide. Credit Suisse's board meets to discuss the findings of an investigation into the spying scandal by Homburger, a law firm.October 1: Bouee, Credit Suisse's COO, resigns after Homburger finds he independently made the call to follow Khan. The bank's head of global security also resigns."The Board of Directors considers that the mandate for the observation of Iqbal Khan was wrong and disproportionate and has resulted in severe reputational damage to the bank," Credit Suisse <a href="https://www.credit-suisse.com/about-us-news/en/articles/media-releases/statement-investigation-201910.html">says in a statement</a>.The Homburger inquiry failed to find any evidence that Khan tried to poach employees or clients, the bank added, or any indication that Thiam approved the spying or was aware of it before it ceased on September 18.Credit Suisse says Bouee alone, "in order to protect the interests of the bank," ordered the observation of Khan, and he didn't discuss it with Thiam or any other executives.Zurich's public prosecutor is still investigating the matter. <a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/elon-musk-mars-starship-spacex-starhopper-rocket-moon-2019-6">Elon Musk's multibillion-dollar Starship rocket could one day take people to the moon and Mars</a></h3> <div> </div> </div>

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